General Conditions for Payment Services and other Business Banking Regulations

Transcription

1 General Conditions for Payment Services and other Business Banking Regulations Effective as of 1 November ING Bank N.V.!

2 Contents General Conditions for Payment Services 3 Definitions 4 Business Account Conditions 6 Conditions governing the use of Debit Cards and Credit Cards 19 Chipknip Conditions 23 General Banking Conditions Explanatory Notes to the General Banking Conditions Privacy Statement ING Bank N.V. 34 Complaints procedure ING Bank N.V. 36 General Conditions for Payment Services and other Business Banking Regulations November

3 General Conditions for Payment Services This is a translation of the original Dutch text. This translation is furnished for the customer s convenience only. The original Dutch text will be binding and shall prevail in case of any variance between the Dutch text and the English translation. In order to be able to make use of our payment products and services, an agreement must be concluded with ING Bank N.V. We consider it important that our clients are given the opportunity to gain insight into the applicable conditions prior to entering into an agreement. Therefore, the conditions of our most important payment products and services have been included in this brochure. General Banking Conditions The General Banking Conditions apply to all existing and future legal relations between ING Bank N.V. and its clients, insofar as not provided for differently in agreements and/or in special conditions. Business Account Conditions A Business Account is required in order to be able to make use of the other payment products and services of ING Bank N.V. Therefore, the Business Account Conditions provide for a large number of important matters. The Business Account Conditions are included in this brochure. The Business Account Conditions not only apply to the Business Account, these conditions also apply to other payment products and services of ING Bank N.V. If a credit facility is linked to the Business Account, separate conditions apply to this credit facility. These General conditions for payment services and other business banking regulations apply as from 1 November The information in these Conditions and in the other regulations can be subject to amendments. This also applies with regard to the fees and the interest rates. Up-to-date information can be found on Other regulations This brochure also contains the following: General Banking Conditions Privacy Statement Complaints procedure More information can be found on In these General conditions for payment services and other business banking regulations, reference is frequently made to for additional and up-to-date information. Should it not be possible to find this information directly after opening the website, the search option provided on this website can then be used. Please take note That which is regulated in the Business Account Conditions is no longer specified in the various product conditions; however, the Business Account Conditions do. Product Conditions Not all of the Product Conditions are included in this brochure. The following Conditions are included in this brochure: Conditions Governing the Use of Debit Cards and Credit Cards Chipknip [Prepaid Debit Card] Conditions General Conditions for Payment Services and other Business Banking Regulations November

4 Definitions The terms defined in these General Conditions for Payment Services and other Business Banking Regulations shall have the following meanings: Accountholder A natural person who acts in connection with a profession or business, a partnership or a legal entity who, in this capacity, is the holder of a Business Account and/or an authorised representative in accordance with Clause 10 of the Business Account Conditions. The Accountholder can transfer and receive funds. Account Number The unique number that is linked to a Business Account and that is provided to the Accountholder of the Bank to designate the Business Account. Where Account Number is specified in the Conditions or in the Product Conditions, this can also refer to the combination of IBAN (International Bank Account Number) and BIC (Bank Identifier Code). Agreement The agreement whereby a Business Account is opened for the Accountholder and furthermore any other agreement between the Bank and the Accountholder regarding the execution of Payment Services. Balance The balance of the Business Account at any given moment. This balance is calculated on Business Days at fixed intervals. Bank ING Bank N.V. Bank Card Debit Card or Credit Card Batch (Euro) Payment Instruction An order as defined in Clause 60. Beneficiary A natural person or legal entity who is the intended recipient of the funds to which a Payment Transaction pertains. Book Date The date upon which a debit or credit entry and the resulting change in the Balance is processed in the Business Account. Business Account An account held in the name of one or several Account holders that is used for the execution of Payment Transactions in connection with the activities as specified in Clause 4 of the Conditions. Business Day A day designated by the European Central Bank as a day upon which banks are open for the execution of Payment Transactions. This does not include: Saturday, Sunday, 1 January, Good Friday, Easter Monday, 1 May, 25 and 26 December. Cardholder An Accountholder and/or its authorised representative to whom the Bank has issued a Debit Card or a Credit Card. Chipknip A feature on a Debit Card with which payments can be made at terminals with the corresponding Payment Logo. Conditions The Business Account Conditions as amended, supplemented or readopted from time to time and published on Credit Balance The amount that the Accountholder can claim from the Bank as a result of a positive Balance on the Business Account. Credit Card A card that can be used at Dutch and foreign automated teller machines (ATMs) and payment terminals and through Internet and by telephone for the execution of Payment Transactions. Currence The relevant subsidiary of Currence Holding BV, depending on the Payment Service. Cut-off Time The turning point in a Business Day regarding the exact time of receipt and the execution of a (Payment) Order or a Payment Transaction. (Payment) Orders or Payment Transactions that are received after the Cut-off Time and Payment Transactions that are to be executed after the Cut-off Time are deemed to have been received on the next Business Day. Debit Balance The amount that the Accountholder owes to the Bank as a result of a negative Balance on the Business Account. Debit Card A card that can be used at Dutch and foreign automated teller machines (ATMs) and payment terminals for the execution of Payment Transactions. Domestic Express Payment An order as defined in Clause 56. General Conditions for Payment Services and other Business Banking Regulations November

5 Dutch Direct Debit Mandate Permission granted by the Accountholder to the Beneficiary for the execution of Dutch Direct Debit transactions. Dutch Direct Debit Order An instruction given by the Beneficiary to its bank based on a Dutch Direct Debit Mandate to execute a Dutch Direct Debit transaction. Dutch Direct Debit Transaction A transaction as defined in Clause EEA European Union and Iceland, Lichtenstein and Norway. A list of the EEA countries can be found on EPC European Payments Council. European Direct Debit Mandate Permission granted by the Accountholder to the Beneficiary to execute European Direct Debit transactions. European Direct Debit Order An instruction given by the Beneficiary to its bank based on a European Direct Debit Mandate to execute a European Direct Debit transaction. European Direct Debit Transaction A transaction as defined in Clause 64.2 en Giro Collection The order as defined in Clause 58. ING Branch Office ING branch office (open to the public for payment services) or a post office. Non-recurring Payment Instruction An order as defined in Clause 51. Payment Instruction The instruction that is given to the bank by the Accountholder or the Beneficiary to execute a Payment Transaction that is to be debited from the Business Account. Payment Instrument The procedures and instruments agreed between the Bank and the Accountholder, which the Accountholder and the Beneficiary make use of to give a Payment Instruction to the Bank. Payment Logo The logo and/or trademark specified on a Bank Card owned by or under the licence of a supplier of payment services, such as PIN, Maestro, MasterCard, Chipknip and V PAY. Payment Service The service that the Bank provides to the Accountholder with which Payment Transactions can be executed and with which information about Payment Transactions can be provided to the Accountholder. Payment Transaction An act initiated by the Accountholder, a third party or the Beneficiary whereby funds are deposited in, transferred to or withdrawn from the Business Account. Pin Code The Personal Identification Number that is required for the use of a Bank Card in order to identify the Cardholder. Product Terms and Conditions The conditions and/or other information, which apply to specific Payment Services, such as revised, supplemented or readopted from time to time. Reservation A reservation lowers or raises the Spending Limit by the amount of the Payment Transaction. SEPA Single Euro Payments Area. A list of the SEPA countries can be found on Spending Limit The amount that the Accountholder can freely dispose of, being the difference between the Balance - taking into account possible Reservations and blocked amounts - and the zero balance or, in the event that a credit limit has been agreed with the Accountholder, the credit limit. Standing Payment Instruction The order as defined in Clause 53. Tariffs Brochure The brochure Tariffs Residents or Tariffs Non-Residents as revised, supplemented and readopted from time to time and published on Value Date The date as from which a debit or credit entry is taken into account for the calculation of interest (if applicable). General Conditions for Payment Services and other Business Banking Regulations November

6 Business Account Conditions General Clause 1 Applicable conditions 1.1 The Conditions apply to the Agreement between the Bank and the Accountholder and to all Payment Services of the Bank. 1.2 Insofar as not stated otherwise in the Conditions, the General Banking Conditions shall apply. 1.3 When providing certain Payment Services, the Bank must comply with the rules and regulations of Currence and/or the EPC. In the event of a discrepancy between the Conditions and these rules and regulations, the Bank shall provide these Payment Services in accordance with the rules and regulations of Currence and the EPC. 1.4 In case of discrepancies between these Conditions and the Dutch version ( Voorwaarden Zakelijke Rekening ), the Dutch version shall prevail. Clause 2 Availability of and amendments to the Conditions 2.1 The most recent versions of the Conditions and of the Product Conditions are available on The Accountholder can request the most recent written versions of the Conditions and the Product Conditions from the Bank during the term of the Agreement. 2.2 The Bank shall inform the Accountholder about amendments and supplements to the Conditions and Product Conditions no later than 60 days before the date upon which these are to take effect using a means of communication as specified in Clause The Accountholder is deemed to have accepted the amendments and/or supplements unless the Accountholder has terminated the Agreement no later than 30 days before the proposed effective date using the form designated for that purpose. This is free of charge for the Accountholder. The Accountholder must ensure that no transactions take place through the Business Account after the termination. Clauses 6.6 and 6.7 also apply to the termination by virtue of this Clause. Use of the Business Account Clause 3 Business Account application and use 3.1 The Accountholder can make use of the Business Account after the Bank has approved the application for the opening of a Business Account and the Accountholder has received a confirmation thereof. 3.2 When assessing the application, the Bank may consult the information about the Accountholder that is recorded in the register of the Credit Registration Office (BKR). Clause 4 Designated use of the Business Account The Business Account is intended for the transfer, deposit, receipt and withdrawal of funds pertaining to the profession or business of the Accountholder. Clause 5 Account in Euro and Currencies 5.1 The Balance on the Business Account is held in Euro. 5.2 A list of the currencies in which Payment Services can be carried out and a list of the banks that process Payment Transactions within SEPA can be found on Amounts can be credited and debited to the Business Account in a different currency than Euro. In such a case the debit or credit entry on the Business Account shall take place in the equivalent value in Euro. The equivalent value is determined by the Bank based on an exchange rate determined by the Bank. A Cut-off Time can apply to the Payment Transactions referred to in this paragraph. More information can be found on ING.nl. 5.4 Changes in the exchange rate can be applied immediately without prior notice. 5.5 The exchange rate is determined by the Bank and is published on The Agreement Clause 6 Term and termination of the Agreement 6.1 The Agreement shall be entered into for an indefinite period. 6.2 The Agreement can be terminated in writing by the Accountholder at any desired time. To this end, the Accountholder must make use of the designated form. Upon receipt of the form, the Bank will commence with the settlement of the Business Account. The Accountholder must ensure that no transactions take place through the Business Account after the termination. A possible Debit Balance and all other amounts that the Accountholder owes to the Bank pursuant to the Agreement, the Conditions and the Product Conditions are immediately due and payable upon termination. 6.3 The Agreement can be terminated by the Bank at any given moment in writing taking into account a period of notice of 60 days. 6.4 Contrary to the previous paragraph, the Bank is authorised to terminate the Agreement with immediate effect, without being required to pay damages or any form of compensation, in the event that the right or the obligation to do so is specified in laws or regulations or when the Accountholder makes use of or has made used of services or products of the Bank for activities or purposes that are contrary to laws and regulations, that can General Conditions for Payment Services and other Business Banking Regulations November

7 harm the Bank s reputation or undermine the integrity of the financial system. 6.5 The Bank has the right to charge costs in connection with the termination of the Agreement, as specified in the Tariffs Brochure. 6.6 The costs for all Payment Transactions pertaining to the Business Account must be paid by the Accountholder, also in the event that these transactions take place after termination. These costs are charged by the Bank as soon as possible after the termination of the Business Account. If the Agreement is terminated during a period in which costs in connection with the Business Account are due and payable, these costs shall be due and payable for this whole period. 6.7 The Bank shall close the Business Account as soon as all costs have been paid, any Debit Balance has been repaid by the Accountholder or any Credit Balance has been made available to the Accountholder by the Bank and parties no longer have any obligations towards each other pursuant to the Agreement. The term within which the Business Account shall be closed after termination also depends on the number of Payment Services provided to the Accountholder and other banking products linked to the Business Account and the Accountholder s cooperation. The Agreement ends after the closing of the Business Account. The Bank shall inform the Account holder when the Business Account has been closed. Clause 7 Inactive account 7.1 The Bank has the right to close the Business Account in the event that no Payment Transactions have been executed on the Business Account during a period of 12 months and/or correspondence addressed to the Account holder is returned as undeliverable. 7.2 The Bank shall keep a possible Credit Balance on the closed Business Account available for the entitled party/ parties. The Bank shall not pay interest on a Credit Balance as from the time of termination. Any Debit Balance is immediately due and payable and debit interest is and remains due on a Debit Balance. Clause 8 Bankruptcy, moratorium, statutory debt adjustment, dissolution, attachment 8.1 In the event of bankruptcy, moratorium or statutory debt adjustment of the Accountholder, the Accountholder is no longer entitled to make use of the Spending Limit on the Business Account. 8.2 In the event of an attachment of any Credit Balance, the Accountholder may no longer dispose of that part of the Balance on the Business Account which is subject to the attachment. This restriction concerns the Balance at the time of the attachment. 8.3 In the event of bankruptcy, moratorium, statutory debt adjustment, or all other analogous proceedings, and dissolution of the Accountholder and attachment upon the Accountholder s Credit Balance, the Bank has the right to terminate the Agreement with immediate effect without being required to pay any damages or compensation. Clause 9 Changes in Payment Services The Bank has the right with immediate effect to unilaterally revise, expand or terminate a Payment Service, if it cannot reasonably be demanded of the Bank that it continues to provide this Payment Service in this manner. This could be the case, inter alia, based on security considerations or business economic grounds. The Bank may offer an alternative for the relevant Payment Service. Clause 10 Authorisation of third parties 10.1 The Accountholder may grant a power of attorney to a third party to perform certain acts, with the exception of the right of substitution. The authorised representative is authorised to perform all acts in the name of and for the account of the Accountholder that have been agreed in the form with which the power of attorney was granted The authorised representative is bound in the same manner as the Accountholder to all the provisions of these Conditions. In the event that the authorised representative fails to comply with the provisions of these Term and Conditions, this party is liable vis-à-vis the Bank. However, the Accountholder remains liable vis-à-vis the Bank for all obligations pursuant to these Conditions and for all acts performed by the authorised representative The power of attorney remains valid until the Bank has been informed by the Accountholder about the revocation of the power of attorney The Bank may (continue to) legally execute (Payment) Orders that have been given to the Bank by the authorised representative before or shortly after the Bank has received notification of the revocation of the power of attorney if the Bank could not reasonably prevent the execution. Clause 11 Suspension of the power of disposition 11.1 In the event that several parties have the power of disposition over the Business Account and a dispute has arisen between these parties regarding the power of disposition over the Business Account, the Bank shall then have the right, during this dispute, to fully or partially suspend the power of disposition of all parties who General Conditions for Payment Services and other Business Banking Regulations November

8 have the power of disposition over the Spending Limit of the Business Account. If the Bank makes use of this right, the Bank must inform the relevant Accountholder(s) of its intention to do so and give the reasons for this The Bank shall not be liable for any damage due to or as a consequence of the suspension of the power of disposition over the Business Account in accordance with paragraph 1 of this Clause. Clause 12 Non-transferability of the right to demand payment Without the Bank s prior written consent, the claim that the Account holder has on the Bank by virtue of the Business Account cannot be transferred, assigned, charged or pledged and no financial security agreements for transfer or no financial collateral arrangements to establish a right of pledge or charge with respect thereto can be entered into. The aforementioned consent is not required when it concerns a transfer, assignment, charge or pledge or entering into financial collateral arrangements with the Bank to transfer or establish a right of pledge or charge. Clause 13 The Accountholder and third parties The Bank shall not be a party to the underlying legal relationships between the Accountholder and third parties. Clause 14 Indemnity The Accountholder indemnifies the Bank against all claims, from whoever, that could be enforced against the Bank with regard to the Business Account, unless this concerns negligence for which the Bank is to blame exclusively. Clause 15 Applicable law and disputes 15.1 The Agreement, the Conditions, the Tariffs Brochure and all Product Conditions are governed by and construed in accordance with the laws of the Netherlands In the event that the Accountholder is dissatisfied with the services provided by the Bank, the Accountholder must first address the Bank taking into account the Bank s complaints procedure Disputes between the Accountholder and the Bank shall be submitted to the competent court in Amsterdam. The Bank may also submit a dispute to another competent court in the Netherlands or to the competent court in a foreign country. Costs Clause 16 Fees and Expenses 16.1 The fees and expenses that the Accountholder is obliged to pay to the Bank for maintaining the Business Account, for Payment Services and other services are listed in the Tariffs Brochure. The most recent version of the Tariffs Brochure is available on During the term of the Agreement, the Bank shall provide the Accountholder with the most recent written version of the Tariffs Brochure at its request The Bank is authorised to charge interest, costs and commissions for maintaining the Business Account and for the use of the Payment Services as well as all other fees listed in the Tariffs Brochure to the Business Account Changes in the fees and expenses as listed in the Tariffs Brochure can be applied with immediate effect and without prior notice The Accountholder must maintain a sufficient Spending Limit on the Business Account to be able to meet its financial obligations towards the Bank at the time that these obligations become due and payable and will be charged by the Bank to the Business Account The Bank is authorised, irrespective of the Spending Limit on the Business Account, to charge the following to the Business Account: a. payments and cash withdrawals made with bankcards issued by the Bank b. interest, commissions, charges and other fees; c. debit entries that have been agreed with the Account holder; and d. the fees and expenses as specified in the Conditions, Product Conditions or the Tariffs Brochure The Accountholder can check the amounts that have been charged on an account statement and/or through its secure online banking system All out-of-court and (legal) expenses incurred by the Bank in connection with the collection of amounts owed by the Accountholder by virtue of the Agreement, the Conditions and the Product Conditions are for the account of the Accountholder. Clause 17 Credit interest 17.1 The Bank and the Accountholder may agree that credit interest shall be paid on any Credit Balance. The credit interest rate shall be determined by the Bank and published in the Tariffs Brochure, unless agreed otherwise Changes in the credit interest rate can be applied immediately by the Bank without prior notice. The Bank ensures that the revised credit interest rate is published on General Conditions for Payment Services and other Business Banking Regulations November

9 Clause 18 Unauthorised Debit Balance and debit interest 18.1 When a Debit Balance arises due to a debit entry as referred to in Clause 16 that has not been agreed or the agreed credit limit is exceeded, this then constitutes an unauthorised Debit Balance. The tolerating, even for a short period, of an unauthorised Debit Balance, does not imply that the Accountholder has any right to a credit limit An unauthorised Debit Balance is immediately due and payable. All legal and out-of-court expenses incurred by the Bank with regard to the collection of an unauthorised Debit Balance are for the account of the Accountholder The Accountholder is obliged to pay debit interest on an unauthorised Debit Balance. Changes in the debit interest rate can be applied immediately without prior notice. The currently applicable debit interest rate is specified on Clause 19 Charging principles for international Payment Transactions 19.1 A distinction can be made between three types of charging principles with regard to the costs of the execution of international Payment Transactions: Shared Cost (SHA): the Accountholder pays the costs of the Bank and the Beneficiary pays the other costs. Our Cost (OUR): the Accountholder pays all costs involved. Beneficiary Cost (BEN): the Beneficiary pays all costs involved When the Bank executes a Payment Transaction that is charged to the Business Account 1) in Euros or in another EEA currency to an account held at a Bank that is established in a EEA country or 2) in Euros to an account held at a Bank that is established in a SEPA country, the transaction will always be processed by the Bank based on SHA. This is also the case should the Accountholder have opted for the OUR or BEN charging principle for such Payment Transactions For other outgoing Payment Transactions than the transactions stated in Clause 19.2, the transaction shall be executed by the Bank in accordance with the choice for OUR, SHA or BEN as specified in the Payment Instruction In the event that an incoming Payment Transaction is processed based on BEN or SHA, the Bank shall charge the costs in connection with this transaction to the Accountholder in accordance with the instructions given by the party issuing the payment order. The Bank has the right to withhold the amount of the costs from the transaction amount. In that case, the costs of the transaction and the transferred transaction amount are specified separately and the Accountholder can check this on an account statement and/or in the notification of the costs in the foreign country and/or through its secure online banking system. Communication and instructions Clause 20 Communication 20.1 The Bank has the right, at the Bank s option, to communicate with the Accountholder in the following manner, irrespective of the manner in which the Agreement was concluded: in writing (by means of a letter, a fax, the account statement, invoices and national newspapers); verbally; by telephone (through telephone conversations, the speaking computer and SMS messages); electronically (through and through its secure online banking system whether or not with the addition of an internet link); and via the screen of the payment terminal or automated teller machine The communication between the Bank and the Accountholder takes place in the Dutch language, unless agreed otherwise in writing that all or part of the communication and/or providing of information shall take place in a different language. Clause 21 (Order) forms 21.1 The Accountholder is required to make use of the forms that the Bank makes available, also for giving certain Payment Instructions The Bank has the right to declare (order) forms invalid and to replace these forms. The Bank is obliged in this case with the exception of exceptional situations to inform the Accountholder about the form being declared invalid. Replacement takes place in a manner that is the least burdensome for the Accountholder The Bank may impose special requirements to Payment Instructions given otherwise than by means of the (order) forms made available by the Bank The Bank shall not be liable for any damage whatsoever that the Accountholder suffers due to the (order) forms being declared invalid In the interest of the safety of payment services and payment transactions, the Bank can issue special instructions regarding the use of (order) forms. The Bank is obliged to inform the Accountholder of these instructions. General Conditions for Payment Services and other Business Banking Regulations November

10 Payment Instruments Clause 22 The Use of Payment Instruments 22.1 The Conditions or the relevant Product Conditions specify the procedures and means of payment that the Bank qualifies as a Payment Instrument The Accountholder must use the Payment Instrument in accordance with the Conditions and/or the Product Conditions that apply to the issue and the use of the Payment Instrument The Accountholder must, as soon as it receives a Payment Instrument, take all measures required by the Bank to ensure the security of the personalised security features of the Payment Instrument and to store the Payment Instrument in a place to which third parties do not have access. In order to ensure that the personalised security features remain secure, the Accountholder shall also take all measures that can reasonably be expected of it The Accountholder must take note of and act in accordance with the information that the Bank makes available regarding the (precautionary) measures that the Account holder is required to take with regard to a Payment Instrument to prevent fraud and misuse In the event of loss, theft or misappropriation of the Payment Instrument or the unauthorised use thereof, the Accountholder must upon discovery immediately notify the Bank thereof by phone, as specified on ING.nl. In the event that the Accountholder fails to perform this obligation, this constitutes gross negligence on the part of the Accountholder within the meaning of Clause The Accountholder is required to immediately report theft or wrongful use as referred to in paragraph 5 of this Clause to the police in the city/town where the incident has occurred Following a report by the Accountholder as referred to in paragraph 5 of this Clause, the Bank shall immediately take all necessary measures to prevent (further) misuse Up to 18 months after the notification as referred to in paragraph 5 of this Clause, the Bank shall confirm this notification in writing to the Accountholder upon request. Clause 23 Payment Instrument Limits 23.1 Limits can also apply in relation to specific Payment Instruments in addition to the Spending Limit that an Accountholder has on its Business Account. These limits consist of minimum and/or maximum amounts for which Payment Transactions can be carried out with a Payment Instrument. Information can be found on Changes in the limits can be applied by the Bank with immediate effect and without prior notice. Clause 24 Blocking Payment Instruments and the Business Account 24.1 The Bank has the right to block a Payment Instrument or the Business Account in the event of an attachment of any Credit Balance of the Accountholder at the Bank, for reasons in connection with the safety of the Payment Instrument, or the suspected unauthorised or fraudulent use of the Payment Instrument. The Bank shall not be liable for any damage that the Accountholder may suffer as a result of the blocking In the event of blocking, the Bank shall inform the Account holder (if possible in advance) about the blocking through a means of communication, as specified in Clause 20, unless informing the Accountholder would compromise objectively justified security reasons or is prohibited by other applicable national or international laws and/or regulations The Bank shall unblock the Business Account or the Payment Instrument or replace this by a new Payment Instrument as soon as the reason for the blocking no longer exists The Bank shall not execute any Payment Instructions as long as the Business Account is blocked. Liability Clause 25 Checking the information and Payment Transactions The Accountholder is obliged to check the contents of data and information that has been provided to it (electronically) by or on behalf of the Bank, such as confirmations, account statements, invoices and (annual) statements, immediately upon receipt. The Accountholder is obliged to verify whether Payment Transactions that have been debited from the Business Account have been executed by the Bank correctly and completely. In the event that the Accountholder observes that the Payment Transaction has not been executed correctly or completely, the Accountholder is obliged to report this in accordance with Clause 26 and to take all reasonable measure to prevent (further) damage. Clause 26 Approval of the information and Payment Transactions 26.1 If the Accountholder contests the contents of data and/or information provided or made available by or on behalf of the Bank, it is obliged, taking into account Clause 26.2 to report this to the Bank in writing as soon as possible and no later than within a period of 13 months The period of 13 months specified in Clause 26.1 commences after the relevant data and/or information has been provided or made available to the Accountholder General Conditions for Payment Services and other Business Banking Regulations November

11 by or on behalf of the Bank. In the event that a credit or debit entry to the Business Account is contested, the period of 13 months commences as from the Book Date After the expiry of the period of 13 months referred to in Clause 26.1 without prejudice to the provisions in Clause 25 - the Accountholder is deemed to have approved of the data and information provided or made available by or on behalf of the Bank as well as of the Payment Transactions that have been executed from the Business Account If computational errors occur in the data and information provided by or on behalf of the Bank, the Bank has the right and the obligation to rectify these computational errors, also after the period of 13 months has expired. Clause 27 Unauthorised Payment Transactions 27.1 When the Bank has established that the Accountholder has not authorised a Payment Transaction, the Bank shall immediately repay the amount of the unauthorised Payment Transaction to the Accountholder. When the occasion arises, the Bank shall restore the Business Account from which that amount was debited, to the condition as it would have been should the unauthorised Payment Transaction not have taken place Notwithstanding the provisions of the previous paragraph, the Accountholder shall bear the full loss during the period up to the moment of notification as referred to in Clause 22.5 with regard to the unauthorised Payment Transactions that results from the use of a lost or stolen Payment Instrument or, in the event that the Accountholder has neglected to ensure the safety of the personalised security features thereof, from wrongful use of a Payment Instrument The Accountholder shall bear all loses that follow from unauthorised Payment Transactions, in the event that these have occurred because it has acted in a fraudulent manner or has not satisfied one or several obligations pursuant to Clause 22 intentionally or with gross negligence. In these cases, the Accountholder shall be liable for the damage that the Bank suffers as a consequence thereof and for all costs that the Bank must make in order to prevent further damage for the Bank and its clients When the Bank demonstrates, in accordance with Clause 30, that the Payment Transaction has been executed through the use of a Payment Instrument made available to the Accountholder or an authorised representative, the Accountholder is deemed to have authorised the Payment Transaction. Clause 28 Incorrect account number 28.1 Unless agreed otherwise, a Payment Instruction from the Business Account initiated by the Accountholder is executed by the Bank based on the account number provided by the Accountholder. In this case, the Payment Instruction shall be deemed to have been executed correctly In the event that the account number provided by the Accountholder does not belong to the intended Beneficiary, the Bank shall not be liable for the execution of the Payment Transaction by virtue of Clause 29, unless agreed otherwise. However, at the request of the Account holder, the Bank shall make a reasonable effort to recoup the monies in connection with the Payment Transaction. The Bank can charge expenses to the Account holder for this service. Clause 29 Non-execution or defective execution of Payment Transactions 29.1 Without prejudice to the Clauses 26, 28.2 and 32 of the Conditions, the Bank shall be liable vis-à-vis the Account holder for the correct execution of the Payment Instructions initiated by the Accountholder, unless the Bank can prove to the Accountholder and, if relevant, to the bank of the Beneficiary that the bank of the Beneficiary has received the amount of the Payment Transaction in accordance with Clause In the event of liability, the Bank shall immediately repay the amount of the defective executed Payment Transaction and it shall restore, when the occasion arises, the Business Account from which the amount was debited, to the situation as this would have been should the defective execution of the Payment Transaction not have taken place After receiving a notification in accordance with Clause 26, the Bank shall examine whether the Payment Transaction initiated by the Accountholder was not executed or the execution was defective and it shall inform the Accountholder about the results of such an investigation within a period of 4 weeks. Clause 30 Proof The information contained in the Bank s records shall be deemed to constitute conclusive proof in the relationship between the Bank and the Accountholder, unless the Accountholder provides proof to the contrary. The Bank is not required to keep its records for a period longer than the statutory record keeping period. Clause 31 Damage The Bank shall only be liable vis-à-vis the Accountholder for direct damage and not for indirect damage and consequential damage, including, but not limited to, loss of turnover or General Conditions for Payment Services and other Business Banking Regulations November

12 goodwill, lower revenues or lost profit. Direct damage only comprises: a. costs for the execution of the Payment Transaction; b. the interest that is charged to the Accountholder or which the Accountholders does not receive due to non-execution or defective execution of the Payment Transaction; and c. any exchange rate loss. Clause 32 Force majeure The Bank shall neither be liable vis-à-vis the Accountholder in abnormal or unforeseen circumstances that are independent of the Bank s will and of which the consequences, in spite of all precautionary measures, could not be prevented, nor when the Bank has other obligations by virtue of national or international laws. Transactions: general Clause 33 Time of receipt and commencement of the execution of Payment Instructions and Payment Transactions 33.1 Information about the manner in which a Payment Instruction can be given to the Bank is included in the Conditions or the relevant Product Conditions and can be found on The point in time of receipt of a Payment Instruction is deemed to be the point in time that the Bank has recorded that the Payment Instruction has reached the Bank in the agreed manner In the event that the point in time of receipt of a Payment Instruction falls on a Business Day and before the relevant Cut-Off Time, the Bank shall proceed with the execution of the Payment Instruction on that same Business Day. In the event that a written Payment Instruction is received on 30 April, 5 May (each fifth anniversary year), Whit Monday and Ascension Day, the Bank shall proceed with the execution on the next Business Day In the event that the time of receipt of a Payment Instruction does not fall on a Business Day or it falls after the relevant Cut-off Time, the received Payment Instruction is deemed to have been received on the next Business Day. If possible, the Bank shall make a reservation for the Payment Instruction in accordance with Clause In the event that an Accountholder indicates that the execution of a Payment Instruction should take place on a specific date, at the end of a specific period or on the day on which the Accountholder has made sufficient funds available to the Bank, the time of receipt of the Payment Instruction is deemed to fall on the designated day A Cut-off Time may apply with regard to the commencement of the execution of the Payment Instruction initiated by the Accountholder In addition to Clause 5.3 and taking into account Clause 38, a Cut-off Time may apply to all Payment Transactions that are to be credited to the Business Account. More information can be found on Clause 34 Revoking a Payment Instruction 34.1 The Accountholder cannot revoke a Payment Instruction the moment the Bank has received this Payment Instruction in accordance with Clause Information about any possible revocation of a Payment Instruction can be revoked and the manner in which a Payment Instruction can be revoked is included in the Conditions and in the relevant Product Conditions and can be found on Clause 35 Execution period of Payment Transactions 35.1 A Payment Transaction in Euros to an account held at a bank established in a EEA country or a SEPA country in Euros shall be credited to the account of the bank of the Beneficiary no later than within three Business Days after the point of time of receipt as specified in Clause 33 up to 1 January As from 1 January 2012, the credit entry to the account of the bank of the Beneficiary shall take place no later than one Business Day after the moment of receipt as specified in Clause For the Payment Transaction referred to in paragraph 1 that is initiated on paper, the execution period referred to in paragraph 1 shall be extended by one Business Day A Payment Transaction in the currency of a EEA country which does not have the Euro as its currency, to an account held at a bank established in a EEA country shall be credited to that account no later than within four Business Days after the time of receipt as specified in Clause Other execution periods apply to Payment Transactions that do not fall under the Clauses 35.1 up to and including 35.4 More information can be found on Clause 36 Book Date and Value date 36.1 Taking into account Clause 33, when the Bank receives an amount in Euros or in another EEA currency that is to be credited to the Business Account, the Bank shall credit this amount on the same Business Day. In that case, the Value Date is the same as the Book Date When the Bank receives a notification to credit an amount (in this paragraph hereinafter the Amount ) to the Business Account, it is possible that the Bank credits the Amount before the Bank actually receives General Conditions for Payment Services and other Business Banking Regulations November

13 the Amount itself and the Amount is thus available to the Bank. In that case, the Book Date is the Business Day upon which the Amount is credited to the Business Account and the Value Day is the Business Day upon which the Bank actually receives the Amount and the Amount is at the Bank s disposal. In the period between the Book Date and the Value Date, the credited amount is not taken into account for the interest calculation. If an amount is withdrawn or debited from the Business Account during this period, which would cause a Debit Balance to arise if the Bank had not credited the Amount before actually receiving the Amount, the Accountholder is obliged to pay debit interest over this Debit Balance in accordance with Clause When the Bank receives an amount in a non-eea currency for the Business Account, the Book Date can differ from the Value Date When the Bank executes a Payment Transaction from the Business Account, the Bank debits the Business Account on the Business Day on which the Bank has executed this Payment Transaction in accordance with the execution period specified in Clause 35. In that case, the Value Date is the same date as the Book Date. Clause 37 Rejection of Payment Instructions 37.1 The Bank has the right to refuse to execute incomplete, incorrect or unclearly filled in Payment Instructions In the event that irregularities are suspected, the execution of Payment Instructions by or on behalf of the Bank can be refused until it is evident that this suspicion is without grounds In the event of an insufficient Spending Limit or the blocking of the (whole of the) Business Account, the Bank shall not execute any Payment Instructions. Information about the cases in which and the frequency with which the Bank shall attempt to execute a Payment Instruction in the event of an insufficient Spending Limit can be found on The Bank has the right to refuse Payment Instructions and Payment Transactions if the payment or the execution thereof is in violation of the applicable national or international laws or internal policy The Bank shall not be liable for any damage resulting from the non-execution or non-timely execution of the Payment Instructions referred to in paragraph 1, 2, 3 or When the Bank refuses to execute a Payment Instruction, the Accountholder shall be informed of the refusal and, if possible, of the reasons for the refusal and of the procedure for the correction of any inaccurate information that resulted in the refusal, unless prohibited by applicable international and/or national laws or regulations. The Account holder shall be informed about the refusal using a means of communication as specified in Clause 20. The Accountholder shall be notified as soon as possible, but in any case within the period as specified in Clause 35. The Bank shall charge costs, in the event that the refusal is justified objectively, for the notification and the possible correction of the Payment Instruction as specified in the Tariffs Brochure. Clause 38 Reservation for Payment Transactions Reservations can be made by the Bank for Payment Transactions before the entry takes place. In the event that the relevant Payment Transaction is received on a day that is not a Business Day or after the Cut-off Time, the Reservation takes place immediately and the execution takes place on the next Business Day. In this case, the Book Date is not the same date as the date of the Reservation. More information on Reservation of Payment Transactions can be found on Clause 39 Payment Instruction in Writing 39.1 In the event that the Accountholder submits a Payment Instruction in writing, this order must then be submitted, with reference to Clause 21, using a transfer form that is made available by the Bank. The Bank shall only process legible, completely filled in and signed transfer forms. An instruction regarding the date of execution cannot be included in a non-recurring written Payment Instruction With reference to Clause 34, the Accountholder may: i) not revoke a Payment Instruction that has been sent by post or fax; ii) not revoke a Payment Instruction that has been submitted to a bank employee at an ING Branch Office By signing a transfer form and submitting this form to the Bank, the Accountholder gives its permission for the execution by the Bank of the Payment Instruction specified in the form. A fully completed and signed transfer form constitutes a Payment Instrument. Clause 40 Payments by third parties The Accountholder cannot object to payments that are credited to the Business Account for which third parties have given an order. Clause 41 Payment Transaction Information 41.1 The Bank shall notify the Accountholder of credit and debit entries as well as of the previous and the current Balance with the frequency chosen by the Accountholder and/or in the manner chosen by the Accountholder. The Accountholder can choose from the options that the Bank offers at the applicable rates as specified in the Tariffs Brochure. General Conditions for Payment Services and other Business Banking Regulations November

14 41.2 A transaction slip from an ATM, a payment terminal or a cash deposit machine is for informative purposes only. No rights can be derived from this. Special provisions and withdrawals Clause 42 Depositing cash via a cash deposit machine 42.1 The Accountholder can make cash deposits in Euros into the Business Account at an automated cash deposit machine during the office hours of the ING Branch Office (not being a post office) When the Accountholder deposits cash, the Accountholder must identify itself with its Debit Card. When the Accountholder makes use of the Branch Office Deposit Forms, which have a barcode, the identification of the Accountholder takes place by scanning the barcode When the Accountholder deposits cash into a cash deposit machine, the Accountholder gives its consent to the Bank to execute the Payment Instruction. The Account holder cannot subsequently revoke the Payment Instruction Information regarding the minimum amount that can be deposited and the maximum amount in coins and the maximum number of banknotes can be found on After the Accountholder has deposited an amount, the cash deposit machine prints a slip specifying the deposited amount. If this is not correct, the Accountholder must report this immediately at the counter of the ING Branch Office. Clause 43 Cash deposits at the bank counter 43.1 The Accountholder may make cash deposits in Euros into the Business Account at the counter of an ING Branch Office during opening hours When the Accountholder deposits cash at the bank counter, it must identify itself with its Debit Card. When the Accountholder makes use of the Branch Office Deposit Forms, which have a barcode, the identification of the Accountholder takes place by scanning the barcode at the counter. In the event of cash deposits above a specific amount, the Bank may demand that the Accountholder presents a valid identification document. Additional information can be found on If the Bank has not issued a Debit Card to the Accountholder, then, as an exception to the rule, the Accountholder may deposit cash at the bank counter upon presentation of a valid identification document. In addition, the Accountholder must answer a number of verification questions When the Accountholder deposits cash at the bank counter, the Accountholder gives its consent to the Bank to execute the Payment Instruction. The Accountholder does this by pressing on the designated button of the machine. The Accountholder cannot subsequently revoke the Payment Instruction If the Accountholder wishes to deposit coins at an ING Branch Office, the coins must be packed in coin bags No minimum or maximum amount applies for deposits at the bank counter After the Accountholder has deposited an amount, the machine prints a slip specifying the deposited amount. If this amount is not correct, the Accountholder must report this immediately. Clause 44 Verification 44.1 The cash that is deposited by the Accountholder is counted and the authenticity is verified The Bank is obliged to confiscate counterfeit coins and banknotes and shall not credit these to the Business Account. The Accountholder shall not receive any compensation from the Bank for the counterfeit coins and banknotes that it has confiscated. Clause 45 Crediting After processing the deposit, the Bank credits the deposited amount less the costs to the Business Account and the deposited amount is then directly at the Accountholder s disposal. The deposited amount is only credited to the Business Account on the same day on Business Days. Clause 46 Cash withdrawals at the bank counter 46.1 The Accountholder may withdraw an amount in Euros from the Business Account at the counter of an ING Branch Office during opening hours When the Accountholder withdraws cash, it must identify itself with its Debit Card. Depending on the to be withdrawn amount, the Bank can carry out additional checks in order to verify the identity of the Accountholder. Additional information can be found on If the Bank has not yet issued a Debit Card to the Account holder, then, as an exception to the rule, the Accountholder may withdraw cash at the bank counter upon presentation of a valid identification document. Depending on the to be withdrawn amount, the Bank can carry out additional checks in order to verify the identity of the Accountholder. Additional information can be found on When the Accountholder withdraws cash, the Accountholder gives its consent to the Bank to execute the Payment Instruction. The Accountholder does this by entering its Pin Code and by confirming the amount General Conditions for Payment Services and other Business Banking Regulations November

15 that the Accountholder wishes to withdraw by pressing the designated button on the machine or by signing the relevant form for receipt. The Accountholder cannot subsequently revoke the Payment Instruction In the event of withdrawals exceeding a specific amount, or withdrawals in certain banknote denominations, the Bank may require that the Accountholder notifies the Bank at least three Business Days in advance. Additional information can be found on More information about the maximum amount that the Accountholder may withdraw at the bank counter can be found on Clause 47 Cash withdrawals via automated teller machines (ATMs) 47.1 The Accountholder can withdraw cash via ATMs When the Accountholder withdraws cash via an ATM, the Accountholder gives its consent to the Bank to execute the Payment Instruction. The Accountholder does this by entering its Pin Code and by confirming the transaction by pressing the designated button on the ATM. The Accountholder cannot subsequently revoke the Payment Instruction More information about the minimum and maximum cash withdrawal amounts can be found on Clause 48 Debiting The withdrawn amount is debited from the Business Account on the same day. If the withdrawal takes place on a day that is not a Business Day, the Bank will make a Reservation for the total amount of the withdrawal. The withdrawn amount will be debited from the Business Account on the next Business Day. Clause 49 Converting Euro banknotes The Accountholder may convert Euro banknotes into other Euro banknotes at the counter of an ING Branch Office. The Bank may apply restrictions to the converting of Euro banknotes. Additional information can be found on Clause 50 Purchasing coins 50.1 The Accountholder can purchase coins at the counter of an ING Branch Office. The Bank may apply restrictions to the purchase of coins. Additional information can be found on If the Accountholder requires a large amount of coins, the Accountholder must notify the Bank at least three Business Days in advance. Special provisions non-recurring payment instructions Clause 51 Non-recurring Payment Instructions With a Non-recurring Payment Instruction, the Accountholder gives the Bank the order to transfer an amount from its Business Account to the account of the Beneficiary once only. Clause 52 Submitting a Non-recurring Payment Instruction A Non-recurring Payment Instruction must be submitted in writing by mail, by fax or, if applicable, by telephone or through a secure online banking system. With regard to the authorisation, the provisions in Clause 39.3 apply. Once a Non-recurring Payment Instruction has been submitted to the Bank, this order can no longer be revoked. Special provisions standing payment instructions Clause 53 Standing Payment Instructions With a Standing Payment Instruction, the Accountholder gives the Bank the order to transfer an amount from its Business Account in Euros to the account of the Beneficiary periodically, for example, every month or every quarter. Clause 54 Submitting, revising, revoking or cancelling Standing Payment Instructions 54.1 A Standing Payment Instruction must be submitted using the designated form. This form must also be used to revise or cancel an existing Standing Payment Instruction. A fully completed and signed form constitutes a Payment Instrument and by submitting a form to the Bank, the Accountholder gives its authorisation for the execution of the Standing Payment Instruction A Standing Payment Instruction can also be submitted and cancelled through the secure online banking system A written Standing Payment Instruction must have been received by the Bank at least 10 Business Days before the first execution date The order to revise, revoke or cancel a written Standing Payment Instruction must have been received by the Bank at least 10 Business Days before the intended revision or cancellation date The first debit entry of a Standing Payment Instruction submitted in writing cannot be revoked. Each subsequent debit entry of such a Standing Payment Instruction and Standing Payment Instruction that have been submitted through the secure online banking system can be revoked until the relevant Cut-off Time on the Business Day prior to the agreed date of execution. More information on Cut-off Times can be found on General Conditions for Payment Services and other Business Banking Regulations November

16 Clause 55 Execution Date 55.1 For the determination of the execution period as referred to in Clause 35, the execution date is the time of receipt of the Standing Payment Instruction If a month has fewer days than the day upon which the execution of the Standing Payment Instruction is planned, the Bank shall execute the Standing Payment Instruction on the last Business Day of that month In the event that the execution of a Standing Payment Instruction is planned on a day that is not a Business Day, the Bank shall execute the Standing Payment Instruction on the next or the previous Business Day depending on the manner in which the Accountholder has chosen to submit the order. More information can be found on Special provisions domestic express payments Clause 56 Domestic Express Payments With a Domestic Express Payment, the Accountholder gives a Payment Instruction to the Bank to make an urgent nonrecurring transfer of an amount in Euros into a bank account that the Beneficiary holds in The Netherlands. Clause 57 Submitting Domestic Express Payments 57.1 A Domestic Express Payment must be submitted at an ING Branch Office on Business Days during office hours The Accountholder must submit proof of its identity when submitting a Domestic Express Payment When the Accountholder submits the completed and signed form to the Bank, the Accountholder gives its consent for the execution of the Domestic Express Payment A Domestic Express Payment can also be submitted in other manners than through an ING Branch Office. More information about these other possibilities can be found on Special provisions giro collections Clause 58 Giro Collections A Giro Collection form is a pre-printed written Payment Instruction for payments from a Business Account in Euros. This means that the name and the account number of the Beneficiary of the Payment Instruction are specified, as well as in many cases the amount, the name of the Accountholder and the account number of the Accountholder. A fully completed and signed Giro Collection form constitutes a Payment Instrument. Clause 59 Submitting a Giro Collection A Giro Collection must be submitted by post. By submitting the Payment Instruction to the Bank, the Accountholder gives its authorisation for the execution thereof. Special provisions batch (euro) payment orders Clause 60 Batch (Euro) Payment Instructions 60.1 The Accountholder can make use of a Batch (Euro) Payment Instruction to submit several Payment Instructions at once. To be able to make use of Batch (Euro) Payment Instructions, the Accountholder must submit a request to the Bank Payment Transactions in Euros to the credit of the bank accounts of Beneficiaries held at banks in the Netherlands can be made by using a Batch Payment Instruction Payment Transactions in Euros to the credit of the bank accounts of Beneficiaries held at banks within SEPA can be made by using a Batch Euro Payment Instruction. Clause 61 Submitting Batch (Euro) Payment Instructions 61.1 Batch (Euro) Payment Instructions must comply with the applicable format descriptions and accompanying completion instructions. The currently applicable format descriptions and accompanying completion instructions for the Batch (Euro) Payment Instructions and the manner in which Batch (Euro) Payment Instructions can be submitted are specified on Depending upon the manner in which the Accountholder has chosen to submit a Batch (Euro) Payment Instruction, a maximum period applies before the intended execution date for submitting a Batch (Euro) Payment Instruction. The specified execution date must be a Business Day. Additional information can be found on Depending upon the manner in which the Accountholder has chosen to submit a Batch (Euro) Payment Instruction, the Accountholder gives its authorisation in writing or through the secure online banking system to the execution of a Batch (Euro) Payment Instruction Depending upon the manner in which the Accountholder has chosen to submit a Batch (Euro) Payment Instruction, the authorisation given by the Accountholder in writing or through the secure online banking system in combination with the information specified in a Batch (Euro) Payment Instruction constitutes a Payment Instrument. General Conditions for Payment Services and other Business Banking Regulations November

17 Clause 62 Revoking or revising Batch (Euro) Payment Instructions 62.1 The Accountholder can revoke a Batch (Euro) Payment Instruction or a maximum of 5 Payment Instructions of a Batch (Euro) Payment Instruction or change the execution date of a Batch (Euro) Payment Instruction, provided that the request to revoke or revise a Batch (Euro) Payment Instruction is received by the Bank at least 3 Business Days before the original execution date A revocation or revision must, depending on the manner in which the Accountholder has chosen to submit a Batch (Euro) Payment Instruction, take place in writing or through the secure online banking system. Clause 63 Name and number check Batch Payment Instruction The Bank can perform a name and number check for the Payment Instructions included in a Batch Payment Instruction. If the Accountholder wishes to make use of a name and number check, the Accountholder should then contact the Bank. A name and number check means that the Bank checks for specific Payment Instructions in a Batch Payment Instruction whether account numbers of maximum 7 digits and the name of the Beneficiary specified by the Accountholder correspond with the data in the Bank s records. If this is not the case, then the Bank shall not execute the relevant Payment Instruction. More information on name number checks and the request thereof can be found on Special provisions direct debit transactions Clause 64 Dutch and European Direct Debit Transactions 64.1 A Dutch Direct Debit Transaction is a non-recurring or standing Payment Transaction in Euros based on a Dutch Direct Debit Mandate to be debited from the Business Account in Euros and credited to an account of the Beneficiary held at a bank established in The Netherlands A European Direct Debit Transaction is a non-recurring or standing Payment Transaction in Euros based on a European Direct Debit Mandate to be debited from the Business Account in Euros and credited to a bank account of the Beneficiary held at a bank established in SEPA There are two variations in the case of a European Direct Debit Transaction: Business-to-Consumer ( B2C ) and Business-to-Business ( B2B ). Special regulations apply with regard to the European Direct Debit Transaction B2B which is specified in Clause A Dutch Direct Debit Mandate can also be used by the Beneficiary for a European Direct Debit Transaction B2C. The fact that this mandate does not satisfy all the requirements that apply for a European Direct Debit Mandate B2C does not constitute grounds for the Accountholder to initiate the Reporting an Unjustified Direct Debit procedure by virtue of Clause 66. Clause 65 Reversing an entry 65.1 The Bank can reverse a Dutch Direct Debit Transaction and/or a European Direct Debit Transaction B2C at the request of an Accountholder (and have the amount re-credited). The Bank shall reverse the entry irrespective of the underlying reason for the Accountholder s request The Bank is authorised at its own initiative (for example, due to an insufficient Spending Limit) to reverse a Dutch Direct Debit Transaction and/or a European Direct Debit Transaction B2C The terms within which and the manner in which the Accountholder and the Bank can reverse an entry are specified on Within a maximum of five Business Days after the receipt of a timely and correctly submitted request to reverse the entry, the Bank shall credit the total amount of the Dutch Direct Debit Transaction to the Business Account of the Accountholder. In the event of a European Direct Debit Transaction B2C, the Bank shall do this within a maximum of two Business Days In the event of the reversal of an entry, no compensation shall be paid for expenses or interest that have been charged to the Accountholder. Furthermore, no credit interest shall be paid over the amount of the reverse entry The Accountholder is notified of the booking of a reverse entry of a Dutch Direct Debit Transaction and/or a European Direct Debit Transaction at the initiative of the Accountholder through its secure online banking system and/or through an account statement. Clause 66 Unauthorised direct debit 66.1 In the event that the reverse entry period as specified in Clause 65 has expired and the Accountholder claims that the Dutch Direct Debit Mandate and/or the European Direct Debit Mandate B2C was unauthorised or was invalid for the relevant Dutch Debit Transaction and/ or European Direct Debit Transaction B2C to be debited from the Business Account, the Accountholder must make use of the procedure Reporting an Unauthorised Direct Debit to claim repayment by the Bank For starting the procedure Reporting an Unauthorised Direct Debit, the Accountholder must make use of the form Reporting an Unauthorised Direct Debit. This form can be downloaded through General Conditions for Payment Services and other Business Banking Regulations November

18 66.3 The form Reporting an Unauthorised Direct Debit must be received by the Bank within 13 months after the date upon which the collected amount was debited from the Business Account In the event of a Dutch Direct Debit Transaction, the Bank shall undertake to carry out a procedure Reporting an Unauthorised Direct Debit within 16 Business Days after receiving the timely submitted and written request. In the event of a European Direct Debit Transaction B2C, this shall amount to 34 days In the event that it concerns an unauthorised Dutch Direct Debit Transaction and/or European Direct Debit Transaction B2C, the total amount and any lost interest or charged interest shall be credited to the Business Account A procedure Reporting an Unauthorised Direct Debit which has been initiated before the entry reversal period referred to in Clause 65, shall be processed as an instruction to reverse an entry. Clause 67 Direct debit block by the Accountholder 67.1 The Bank can apply and revoke a selective direct debit block on the Business Account at the Accountholder s request. As a result of this block, Dutch and/or European Direct Debit Transactions to the credit of a specific account number of the Beneficiary and to debit the Business Account correspondingly, shall not be executed The Bank can apply and revoke a general direct debit block on the Business Account at the Accountholder s request. As a result of this block, no single Dutch and/or European Direct Debit Transaction shall be debited from the Business Account A request to apply a direct debit block for a not yet executed European Direct Debit Transaction can, for example, be submitted by the Accountholder following a prior notification of a direct debit by the Beneficiary Information about the duration of the block and revoking a block can be found on The Accountholder must submit a request to apply and revoke a selective or general direct debit block in writing by post or by telephone to the Bank A direct debit block requested by the Accountholder shall come into effect no later than the following Business Day after receipt by the Bank of the request to apply a direct debit block. The Cut-Off Time for the direct debit block request can be found on Clause 68 Direct Debit Block by the Bank The Bank has the right, for its own reasons, for example, because of a suspicion of fraud, to apply a general or selective direct debit block to the Business Account. The Bank shall notify the Accountholder as soon as possible in writing by post or by telephone stating the reason for the block and if necessary which measures the Accountholder should take to lift the block. Clause 69 European Direct Debit Transaction B2B 69.1 If it concerns a European Direct Debit Mandate B2B this is specified as such on the mandate. The Accountholder must submit a copy of this mandate and changes to this mandate to the Bank. The information specified in this mandate shall be used by the Bank to check the validity of the European Direct Debit Transactions B2B In the event that Accountholder revokes the authorisation for a European Direct Debit Mandate B2B, the Accountholder must inform the Bank The Accountholder cannot reverse a European Direct Debit Transaction B2B as specified in Clause 65. The Accountholder can also not make use of Reporting an Unauthorised Direct Debit as specified in Clause 66. General Conditions for Payment Services and other Business Banking Regulations November

19 Conditions governing the use of Debit Cards and Credit Cards General Clause 1 Applicable Conditions 1.1 The Accountholder concludes an agreement with the Bank for the use of a Bank Card. These Conditions Governing the Use of Debit Cards and Credit Cards form part of that agreement. 1.2 These Conditions Governing the Use of Debit Cards and Credit Cards apply to the use of the Debit Card and the Credit Card issued by the Bank. These are Product Conditions. In addition to these conditions, other conditions may apply to specific types of Credit Cards. 1.3 Unless otherwise provided in these conditions, the Business Account Conditions are applicable. 1.4 In case of discrepancies between these conditions and the Dutch version ( Voorwaarden gebruik Betaalpassen en Creditcards ), the Dutch version shall prevail. The product Clause 2 Bank Cards 2.1 Bank Cards whether or not in combination with a Pin Code or signature are Payment Instruments. 2.2 Payment Transactions can be executed with a Bank Card. 2.3 Immediately after receipt of the Bank Card, the Cardholder must put its signature on the reverse side of the Bank Card. 2.4 A Bank Card- whether or not in combination with a Pin Code is strictly personal and non-transferable. 2.5 A Bank Card can have one or several Payment Logos. If the logo of the Payment Logo on an ATM or a payment terminal corresponds with the logo on the Bank Card, the Cardholder can execute Payment Transactions with the Bank Card in the manner that corresponds with the ATM or payment terminal that is available for the execution of the payment. 2.6 The Bank shall determine how the name of the Cardholder will be specified on the Bank Card. 2.7 The Bank Card remains the property of the Bank. The Cardholder must immediately return the Bank Card to the Bank when the Bank demands this. 2.8 The Bank Card may not be revised or copied. 2.9 When use is made of the Debit Card, the amount of the Payment Transaction is debited immediately from the corresponding Business Account of the Accountholder on Business Days and the amount of the Payment Transaction is reserved in accordance with Clause 38 of the Business Account Conditions on Non-Business Days. When use is made of the Credit Card, the amount of the Payment Transaction is charged to the corresponding credit or payment facility that has been agreed with the Cardholder The Bank has the right to refuse an application for a Bank Card. Clause 3 Validity 3.1 The Bank Card is valid up to and including the last day of the month that is specified on the Bank Card. This is the period of validity. 3.2 The Bank has the right to limit or extend the period of validity of a Bank Card. 3.3 The period of validity of the Bank Card has no bearing on the term of the agreement. Clause 4 Limits 4.1 General limits apply with regard to the use of a Bank Card. These limits consist of minimum and/or maximum amounts for which Payment Transactions can be executed with the Payment Instrument. Additional information can be found on If a Bank Card offers flexible payment limits, the Bank shall offer the Cardholder the possibility to agree to such a flexible limit. 4.3 If the Cardholder has a Credit Card, the Bank and the Cardholder may agree to a spending limit. 4.4 If the Cardholder has a Debit Card, the Cardholder can then make use of the Spending Limit on the Business Account. 4.5 Changes in the payment and spending limits can be applied by the Bank with immediate effect and without prior notice. Clause 5 Authorised Cardholder 5.1 The Accountholder can apply for a Debit Card for other parties. The authorised Cardholder can thus make use of the Spending Limit on the Business Account. 5.2 The Accountholder can apply for several Credit Cards for other parties. The authorised credit cardholders can thus make use of the spending limit that has been agreed with the Accountholder. 5.3 These Conditions Governing the Use of Debit Cards and Credit Cards also apply to the authorised Cardholder. The Cardholder is liable for all Payment Transactions that are executed with the Bank Card. 5.4 The Accountholder can have the Bank Card of the authorised Cardholder blocked. In the event that the authorised Cardholder gives an instruction to the Bank just before or after the Accountholder has had the Bank Card blocked, the Bank may still execute this instruction if the Bank is not reasonably able to prevent this. General Conditions for Payment Services and other Business Banking Regulations November

20 Security regulations Clause 6 General 6.1 The Cardholder must take all conceivable measures for the secure use of and the safekeeping of the Card holder s Bank Card and Pin Code. The following clauses specify the measures that the Cardholder must take in any case. The Bank has the right to revise these regulations with immediate effect without prior notification. 6.2 Where in the following clauses reference is made to others or someone else, then this also refers to partners, children, relatives, friends, housemates, visitors and colleagues in additions to strangers. 6.3 Bank employees will never ask the Cardholder to provide the Pin Code. Clause 7 Safekeeping 7.1 The Cardholder must always ensure that the Bank Card is stored safely. These rules apply with regard to the safekeeping of Bank Cards: Store the Bank Card in such a manner that others cannot see the Bank Card; Store the Bank Card in such a manner that others cannot obtain unnoticed access to the Bank Card; Ensure that others neither see the Bank Card and the place where it is stored (for example, a purse or a wallet) nor when the Bank Card is not being used; and Do not lose the Bank Card. 7.2 The Cardholder must always ensure that the Pin Code is stored safely. The following rules apply with regard to the safekeeping of the Pin Code: Destroy the letter in which the Pin Code is specified immediately after reading the letter; Do not write down the Pin Code, commit the Pin Code to memory; In the event that the Cardholder is unable to remember the Pin Code, the Cardholder can make a note of the Pin Code. However, the Cardholder must ensure that others are unable to decode the note. Do not store the note on or with the Bank Card; and Keep the Pin Code confidential. Do not show the Pin Code to others and do not tell the Pin Code to others. Clause 8 Safe and Secure Use 8.1 The Cardholder must always use the Bank Card in a safe and secure manner. These rules apply with regard to the safe and secure use of Bank Cards: Never give the Bank Card to anyone else, also not when another person wishes to provide assistance. This is only allowed when the Cardholder makes use of the Bank Card at an ATM or payment terminal and the Bank Card remains within the view of the Cardholder; Do not lose view of the Bank Card until the Bank Card is stored again safely. After use, always check whether your own Bank Card has been returned to you; If instructions are specified on an ATM or a payment terminal with which the Cardholder can verify the safety of the machine, then the Cardholder must follow these instructions carefully; Contact the Bank immediately if the Bank Card is not returned after a payment has been made or cash has been withdrawn; The Cardholder may not make use of the Bank Card if it suspects or knows that, in a specific situation, this is or can be unsafe; and The Cardholder must ensure that it is not distracted when it makes use of the Bank Card. 8.2 The Cardholder must always use the Pin Code in a safe and secure manner. These rules apply with regard to the safe and secure use of the Pin Code: Make sure that others cannot see the Pin Code when this is entered, for example, at an ATM or payment terminal; When entering the Pin Code use your free hand and your body to obstruct the keyboard from view in as far as possible; and The Cardholder may not allow itself to be helped by others when entering the Pin Code. Clause 9 Checking The Cardholder must regularly check the safety of the Bank Card and the use of the Bank Card: Check at least once a day whether your own Bank Card is still in your possession; and Check debit and credit entries through the secure online banking system or on the account statements of the Business Account or on the Credit Card statements. Clause 10 Blocking 10.1 If the Cardholder has a good reason to assume that the safety of the Bank Card or Pin Code is no longer assured, the Cardholder must notify the Bank immediately. This must take place, in any case, in the following situations: The Cardholder has lost the Bank Card or the Bank Card has been stolen; The Cardholder does not know where the Bank Card is; General Conditions for Payment Services and other Business Banking Regulations November